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City Review

Milan City Review

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Milan is not just the "fashion capital of the world" - it is the economic centre of Italy. In 2016, Milan generated 12% of national GDP, while Rome accounted for 9%. Due to the ongoing Italian banking crisis, Milan's economy contracted by 5.1% in real terms over 2011-2016. However, with major corporations (Microsoft; Whirlpool; JP Morgan) expanding, and innovations being implemented (Italy's first fintech hub, for example) in Milan, 2017 already saw good foundations for growth over 2016-2021.

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MILAN HIGHLIGHTS

Milan's labour productivity (GVA per employee) in 2016 reached USD94,400, which was 34% higher than the rest of Italy's. The difference stems from Milan's strong focus on the productive sector of business services, as the city hosts 85% of foreign banks operating in Italy. 40% of total GVA in Milan was generated by business services in 2016 versus 28% in the rest of the country.

The advantage in labour productivity and the lower unemployment rate (7.8% unemployment in Milan versus 12% in the rest of the country) led Milan's households to boast 33% higher levels of disposable income than other Italian households in 2016. However, due to the recession, the Milanese level of income dropped by 11% in real terms over 2011-2016.

significant spending on education and communications compared with the rest of the country

The households of Milan allocated 30% higher levels of annual expenditure (excluding transport and housing) than other Italians in 2016. The largest differences in spending habits between Milan and the rest of Italy are seen in the categories of education and communications, with households in Milan allocating 43% higher expenditure in both categories in 2016.

Greater spending on housing and transport

Household spending on housing and transport in Milan was 26% above the average elsewhere in the country in 2016. However, given the disposable income advantage of 33%, Milan can be considered an affordable city.